Careers

Frequently Asked Questions

Newsletter

Limited Liability Partnership FAQs

A limited liability partnership agreement is especially appealing to businesses that were prohibited in the past from forming a limited liability company (LLC) or corporation, such as accountants and attorneys.

Yes. Several states, such as California and New York, only allow professionals to use LLPs. And in California, “professional” includes only lawyers, accountants or architects. Delaware, Georgia, Pennsylvania, Texas, and Virginia require insurance or an escrow account to cover liabilities. And, many states have a reduced form of liability protection. For example, many states' laws protect the partners from liabilities caused by negligence, but not from contract liability.

Follow Us

Follow Us

Disclaimer: *Offers and prices are intended for standard orders completed online only. Prices are not to be combined with other promotional pricing, discounts or third-party pricing. Other terms and conditions may apply. CT Corporation is not a law firm and does not provide legal advice. If legal advice is required, please seek the services of an attorney.